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they notice the underground economy, and the guy is worth like a billion dollars. he's a big reason for a lot of the cocaine, heroin and marijuana in america. >> wields a lot of power. >> i wonder what else he does. >> heroin, cocaine, marijuana. multiple industries. it's proof to me, i think, that the war on drugs has xleecomple failed if an illegal drug trafficker is in the top 60. he's been on the list since 2009, so they've known about him. it's ridiculous this soort of person would be on the list, but then it calls into question the nature of power. yes, he has this power in terms of the drug economy, but he can't just go anywhere. he's in control of the space he's in, unless there's bodyguards around him. when he goes to restaurants he locks the door and takes the cell phones and pays for everybody's meal. if you can't control the space that you move through, how are you actually powerful? it calls into nature what power is. >> that's why he's not 52. >> he's the number one most wanted fugitive in the world. >> he's seen a lot. maybe that makes him powerful on the wanted posters. let's
over the last four years, there is progress in some key sectors of our economy. we've seen housing finally begin to bounce back for the first time, and that obviously has an enormous ripple affect throughout the economy. consumer confidence is as high as it's been. many of you over the last two, three years have experienced record profits or near record profits and have a lot of money where you're prepared to invest in plants, and equipment, and hire folks. obviously globally the economy is still soft. europe is going to be in the doldrums for quite some time. asia is not charging forward and some of the emerging markets are not charging forward as quickly as they were maybe a few years ago. but i think what all of you recognize and many of you have told me is that everybody is looking to america, because they understand that if we're able to put forward a long-term agenda for growth and prosperity that is broad based here in the united states, that confidence will not just increase here in the united states, it will increase globe balance leave. globally and i think we can get the
that is balanced and allows for economic growth is to put our economy on a sustainable fiscal path which again, in itself produces positive economic benefits and revenues are part of it this. the president put forth and entitlement reforms and savings gleaned from our health care entitlement programs need to be a part of it. the president has been specific about that. >> brian: he's talking about generalitiys about unnamed cuts. jay carny goes on to admit if the president's proposal went to the democratically controlled senate it would not last. 92 where is the leadership. >> brian: running 1.1 trillion. they are unable to pass a budget for the last three years and you probably think that the fiscal cliff would not address these things. >> gretchen: don't you recall that the president said he had no interest in speaking to republicans until they agree to the tax increase on the top two percent wage earners . so that really doesn't. maybe he and jay carny hasn't had meetings. maybe they are not on the same page or maybe it is on purpose. to send out a different message. >> steve: the message in
that's what he's trying to do. it's hard to see where the upside is for the president if the economy slips into recession, talking about 2013 having no growth would be horrible. >> yeah, so, it's a little hard to see what the game is. as kim was mentioning, the president wants these tax increases. it seems to me we're going to go through this sort of scorpion dance the rest of the year. what did the president campaign on? what was the one thing, i think most people would say he campaigned on, that's raising tax rates on the wealthiest, the two top rates, that's the thing i think is on the table and-- >>, but the republicans put that on the table. >> and the republicans put that on the table the a through deductions and-- >> yeah. but they're willing to put that on the table. the question is, what does the president then give republicans in return, if anything? >> well, i think that's what the republicans position should be. say we have committed what you campaigned on. if you're not willing to talk about reducing spending, they are we're not going to be able to do a deal with you. an
like republicans want? >> here is what is at stake. economy is on the brink potentially of going to recession. that will have the worst impact on the deficit that anything will. we got to make sure that the economy continuebes to grow. that is the problem here. i know democrats have this blood lust to raise taxes on supposedly rich people, which are really small business people. but it is not going to do anything to grow the economy. here is what president obama needs. he has to make sure the economy grows. he will be a two-term jimmy carter if the economy goes back in recession and we can't pull ourselves out of this thing. >> eric: i heard you laugh, martin on the "two-term jimmy carter" line. >> he doesn't want to be a two-term george w. bush that took us in a steep recession. >> hey, you are the one with the bush tax cut. >> this can be worked out. everybody knows that. you can raise rates a point or two, that is not going to be end of the world. republicans understand that. let's get through with the fear we have had a couple of weeks of theater and let's get down to serious
to support the economy in the short run, get us on a sustainable fiscal path in the long run, protect the middle class we're going to see progress in this economy. >> the risk the president wants us to take increasing tax rates will hit many small businesses that produce 60 to 70% of the new jobs in our country. that's the whole issue here. >> on the fiscal cliff front, no new deals or concessions made public, but "the new york times" reports the dynamic has changed. at the request of speaker boehner, senate leaders and nancy pelosi have been dismissed from the negotiating table. leaving just the speaker and the president to hammer this one out. today vice president biden is hosting middle-class families at the white house, continuing to pressure congress to strike a deal on tax rates below 250,000. yesterday, the president struck a hopeful note with a middle-income family in virginia, while maintaining a hardline on negotiations. >> the message that i think we all want to send to members of congress is, this is a sovble problem. i'm not going to sign any package that somehow prevents
stimulating the economy even after the labor market gets better. we know this isn't likely going to steer the central bank in one direction or another. you flip the coin over, though, you have this people who say this report is very important. it's going to be driving the conversation on the fiscal cliff. we only have 25 days until the tax hikes and spending cuts start to take effect. here is the thing. this number came in much better than expected, don. so the bad part about this is that it may not motivate all those politicians on capitol hill as much as it may have, if it came in much weak er. this may not light the fire, so to speak. that could be the downside to the upside surprise to the number. don? >> alison, stick around. we'll get back to you as well. >>> from wall street now to washington where the white house is keep iing a close eye on today's numbers. brianna keilar joins us now live. good morning, brianna. >> reporter: good morning to you, don. we're still awaiting reaction from the white house and also from congssional republicans. they've long said at the white house, tak
-breaking corporate profits show the economy is well on the road to recovery. what does it mean for workers? i'll give you some numbers and sam stein will be along with the conversation. . >>> and world leaders say farewell to hillary clinton with a ringing endorsement. you'll want to see this video. michael tomasky on whether hillary clinton will make a run for the white house. share your thoughts on facebook and on twitter. we're coming right back. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use. it's the ultimate combination of speed, small size, and low-cost printing. >>> welcome back to "the ed show." thanks for watching tonight. republicans are doing a lot of maneuvering on the fiscal cliff. president obama and the democrats have put forward a plan relying mostly on raising more revenue from the wealthiest 2% of the country. republicans rely mostly on cuts affecting the middle class and the poor and
show again. >> great to be with you, thank you. gerri: everything's hanging in the banse, economy, middle class income, taxes, you name it, and you and your fellow house members are not going to work. >> well, wait, this is a 24-hour day job, seven days a week. i'm in new york tomorrow looking at the hospitals affected in hurricane sandy, and i feel like i need to do the ground work to investigate that for myself. gerri: you're doing work, but not all the people you work with in washington are. some are just taking time off before the holidays when this big issue is on the plate. nancy pelosi had to say about this. >> we should be here and came as a surprise, and i'm really surprised that the republicans would leave. we maim in tuesday, and we left wednesday at twelve o'clock noon. with all that needs to be done, avoiding the conversation, sounds like people don't want to be in town for some reason. gerri: does she have a right -- are the republicans trying to avoid the conversation? >> no, absolutely not. we had a hearing this morning in the joint economic committee on this issue
are willing to make sure we don't go over this fiscal cliff but at the same time don't harm this economy. what has to happen here if the president shows a little leadership we are willing to stay in the room and stay here and we are willing to get this done. that's why you saw a proposal that is raoeubl reasonable that meets his criteria. >> reporter: steny hoyer said in the next few days we will see substantive movement in private to get this done. jenna: we'll continue to watch the play-by-play, mike, thank you. jon: right now we are continuing to await a speech by former president george w. bush, the speakers are taking to the podium there to get ready to introduce the former president. he is set to address a conference there in dallas, where he will spotlight the positive impact of immigration on u.s. economic growth. this as the g.o.p. looks to attract more hiss to the party. meantime mr. bush's father, former president george h.w. bush is spending another day in the hospital being treated for bronchitis and a lingering cough. we told you about that last week when we first found out that
over $250,000 paying a higher tax. they have confidence in this economy, perhaps the reason that your party saw success in the election. what do you make of this notion that, again, some republicans say the president doesn't get small business or economic growth somehow? >> well, i think the american people roundly rejected that. they think the president gets it. that's why they voted for the president. more than that, economists think the president gets it. this really is a balanced approach, and i don't think any credible economist will tell you we can simply cut our way out of the current deficits and debt. we need new revenues, and where should they come from? should they come from a middle class or working families that have really struggled or had setbacks in the last decade, or should it come from families that have done very well and can be asked to do more? if you look at the prosperity we enjoyed during the clinton administration when the tax rates were higher on upper income families, that certainly didn't kill economic growth. we have incredible economic growth during the
of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome back to "hardball." here is one of the easiest predictions after any election, especially this one. the republican party would split in two. on one side you have the establishment republicans, the john boehner, mitch mcconnell wing of the party. to them the election was lost because the conservative ideologues pulled mitt romney so far to the right in the primaries he could never find his way back to the middle in november. on the other side is the right wing, jim demint, rick santorum, the talk radio conservative media industrial complex. they make the same argument ideologues always make when they lose. the problem to them was our guy wasn't ideological enough. the conflict is playing out in technicolor with demint blowing the united states senate to become the ceo of the conserva
and boy were they surprised. the economy created 146,000 jobs in november. not great, but a lot better than expected. the unemployment rate dropped stlytenths of a point to 7.7%. that's not quite as good as it sounds because it was mostly people who gave up looking for work and were dropped from the count. what does all of this mean to the recovery? here's anthony mason. >> reporter: the u.s. economy ndntinued to add jobs in november, despite worries about a looming fiscal cliff in washington and the effects of a k perstorm in the northeast. >> thank you very much. or reporter: at chobani, the greek yogurt maker based in new york, c.e.o. hamdi ulukaya has been hiring. how many employees do you have? >> close to 2,000. >> reporter: the turkish-born ulukaya started chobani just four years ago. since then, greek yogurt sales re g exploded. chobani is now nearly a billion- dollar business. >> think we're going to be over 5,000 to 6,000 people by five years. >> reporter: so another 3,000 or ll000. th yeah. >> reporter: nationally job f owth has been steady but slow. so far in 2012 the econo
were writes work. it reay helps the economy. gerri: or something suprising here. we have a comparison, brightwork state versus nonwhite work state. we jt showed weight increases by hiher then any nonwhite work state. how is that possible? >> what it does is a big open for busines sign to attract businesses to the state. lawmakers in the state are putting worke and job creators about special interests. and the know that they won't have to -- that the politicians won't be putting anyone else ahead of the jobs. gerri: job growth shrinking in the united states. it really does involve michigan. it's what happened with detroit auto workers. their jobs shrinking. they're definitely on the decline. other workers in the south. and there is a clear case study of the power of the work state -- the right to work states. not for those who employ people come up before the workers. >> that is right. the auto industry -- the american auto industry is actually coming back. buit's coming back in the right to work states where we have the very stringent right to work state. all the auto workers are maki
about is 350,000 americans in this report alone. a really staggering the state of our economy now. here's a bit more for the labor report. 12 million americans still unemployed. about 40% of them have been out of work for 27 weeks or longer. more than eight million americans only working part time due to the current state of the economy. martha: new comments about the crisis in syria coming from secretary of state hillary clinton. the u.s. and other nations fear that the syrian regime could use chemical weapons against its own people. secretary clinton making it very clear that syrian president bashar al-assad must go. >> let me also be absolutely clear. the united states stands with the syrian people in insisting that any transition process result in a unified, democratic syria. in which all citizens are represented. sunni, alawite, christians, kurds, men, women, every syrian must be included in this process for a new and better future. martha: still far from where we are right now in the country of syria where 45,000 people have been killed under the assad regime. president, secretary
that the president has adopted a deliberate strategy to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion-dollar deficits for as far as the eye can see. listen, washington has got a spending problem not a revenue problem. if the president doesn't agree with our proposal i believe that he's got an obligation to families and small businesses to offer a plan of his own, a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> you did speak with the president earlier this week, can you characterize that call? did he have any kind of counter offer? also, we understand that he is making clear that it's got to be increase in rates for the wealthy or no deal. are you willing to give a little bit maybe not all the way to 39.6? >> the phone call was pleasant, just more of the same. the conversations that the staff had yesterday, jus
of their money to the federal government without raising tax rates which we believe will harm our economy. >> all right. this is perhaps the most disappointing development of the day. the house republicans, they were not elected to raise either rates or revenues. they were elected as a check and balance against president obama's reckless deficits and his reckless debt. they were elected to stop the explosive growth of government. the republicans were elected and sent to washington to fight for limited government, balanced budgets, and of course, greater liberty for all the american people. at this moment it seems like they are only offering a democratic light version for america. maybe they need to learn a thing or two from president obama. maybe they need to show a willingness to go over the so-called fiscal cliff. now, if the president really wants to take the country there, maybe they need to let him go there. here's the bottom line. what are we hearing from the white house? we're hearing the president will not negotiate unless taxes are raised on job creators, and we're hearing that the presi
they are negotiating with he views it more through ideology than the economy. in his view, it's the equivalent of a grain of sand on the beach. even if he gets what he wants wishes is to raise the top rates from 35% to 39.6%, the revenues would merely fund this governor for roughly 8 days. it would hardly make a dent in the yearly deficit and not even a chip of a cent off the debt. he said he would rather go over the fiscal cliff than not to raise tax rates. so obama pushing higher taxes on the top 2%, not for economic reasons but for i'd logical reasons but there is also this obvious fact. obama wants to raise the top rates for political reasons. now that is he wants to force republicans to raise tacks in order to trigger a civil war within the gop and the conservative movement, and in that respect sadly obama is having some success. now so long as this debate is focused not on cutting spending but on raising daxs and revenues with the only question being which taxes, how much revenue, then obama wins. now if obama succeeds in making the argument not about his spending, but about grover norqu
, there is progress in some key sectors of our economy. we've seen housing finally begin to bounce back for the first time and that has an enormous ripple effect throughout the economy. consumer confidence is as high as it's been. many of you over the last two or three years have experienced record profits or near record profits and have a lot of money in plants and equipment and hire folks. obviously globally, the economy is still soft. europe is going to be in the doldrums for quite some time, asia is not charging forward and some of the emerging markets are not charging forward as quickly as they were maybe a few years ago, but i think all of you recognized and many of you told me is that everybody's looking to america, because they understand if we're able to put forward a long-term agenda for growth and prosperity that's broad-based here in the united states, that confidence will not just increase here in the united states, it will increase globally and we can get the virtuous cycle that i think all of us have been waiting for and want to see. what's holding us back right now ironically is a lot
, as things improve and the underlying economy continues to show more momentum, the job market too slowly in my view but it is improving. the costs, the opportunity costs to use an economics term of going over the fiscal cliff become that much greater. it is just a terrible idea to go start down the fiscal slope, i should say to you guys. it's a terrible idea to start down the physician clal slope when we actually have a little bit of momentum behind us. why you would want to throw a cliff or debt ceiling debate into this economy that's beginning to show some life, with policymakers like these, we don't really need enemies. so that's kind of where i'm at with it. >> peter, help me understand something. everybody thought sandy was going to drag the jobs numbers into a horrible place. that didn't happen at all. why not? >> well, simply by way not everybody -- my forecast was a lot higher than the consensus. >> true. >> unusual. >> yeah, you were optimistic. >> i was optimistic. the reason is a lot of people and areas hit were not like the gulf coast of mississippi. they were a prosperous ne
. whether it's the best solutioner to the economy is an entirely different story. this is a political and ideological argument and we'll see who wins. martha: there is a couple ways this could go. one is to land in the middle. you have $800 billion and $1.6 trillion. the other is for one side to say no deal. we'll let you go over the fiscal cliff and we'll see what happens. >> reporter: at the last minute i think there will be a deal. i think republicans will retreat and say okay, you can have higher tax rates but only on people making a half million dollars a year. the president will say, okay, but we'll only discuss -- we'll think about, we'll promise spending cuts in the future. it will be a way of kicking the can down the road. martha: charles krauthammer have a will the more leverage than republicans realize. the president does not want us to go into a recession. we'll talk about that coming up. bill: democrats are all about tax hike and republicans argue massive spending programs like medicare and social security must be dealt with in any kind of deal if you want to bring count
care? >> well, we should care because the tax on capital has a major impact on the economy overall, on productivity growth and, therefore, on standards of living. the way that you have a more prosperous economy, is you need to have incentive to encourage capital formation, to encourage investment, to increase worker productivity -- megyn: what are people going to do with their money? so if i had otherwise invested in stocks and gotten dividends, but now -- because i like getting 15% taxes as opposed to, you know, 40% taxes on them -- what am i going to do with my money now instead of invest it in stocks? >> well, on the margin a lot of people will choose consumption. if you can spend your money and enjoy it today versus having more in the future, anytime you reduce the return on investment, you give people more of an incentive to say, the heck with it -- megyn: well, isn't that good for the economy, consumption? >> well, i don't think so. we've got a real problem with declining business investment, and if you don't have expansion on the supply side, it's hard to have the productivi
're going to talk about the fiscal cliff, we're going to talk about the global economy. we're going to talk about the civil war in syria. we'll talk about the royal baby coming soon. first we want to get right to zoraida sambolin for an update on the day's top stories. >> soledad, the fiscal cliff debacle, with 28 days remaining before drastic tax hikes and spending cuts take effect, a republican spending plan has been rejected by the white house. brianna keilar is live from washington. what now, brianna? >> well, right now it's about the pressure building and the clock kicking, zoraida. as house republicans in the white house try to ultimately broker a deal between two very different plans. house speaker john boehner's counteroffer, if you take a look at the headlines from this $800 billion in what would be savings from tax reform. so that is new tax revenue. but not done by increasing income tax rate on the wealthiest. but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medica
wealthy americans are the ones who are creating the jobs and helping to turn this economy around. that remains the big sticking point. those bush era tax cuts, white house saying it should be extended for middle class americans but not for those upper income americans, carol. >> how seriously should we take these negotiations? both sides are negotiating in public, not the greatest way to negotiate in the world, right? >> reporter: right. you sort of have to take it based on the information they give you. there's a lot that goes on behind the scenes. we've seen this play out over the last four years where both sides will sort of throw these sharp elbows publicly, but then they do hammer something out. we do have to take it seriously. you have to get a sense that both sides understand the serious nature of this fiscal cliff and they do want a deal to get done. so they are looking for ways to find some kind of agreement. they are looking at outside groups today as well. the president will meet with half a dozen governors, arkansas, minnesota, utah, wisconsin, republican governor fro
economy and a fiscal mess. >> our people in an overwhelming way supported the reelection of this president, and there ought to be a quid pro quo and you ought to exercise leadership on that. >> you want the answer to solving the fiscal cliff? we put an offer on the table. the president now has to engage. >> you might even say he'll inherit these problems. >> the president is going away for christmas. he's going to hawaii for 20 something days. where am i going to be? where are my neighbors going to be? we're not going to have a place called home. where is the help? >> what's holding us back right now is a lot of stuff that's going on in this town. >> after the election of jimmy carter, he went to washington, d.c. and came back home with some bacon. >> that's right. >> that's what you do. >> the fact is this president basically i don't think wants to work with congress. >> we do not have a taxation problem. we've got a wildly out of control spending problem. >> i'll be here, and i'll be available any moment. >> we believe that despite obvious resistance to what has to be the framework of a
. cliffhanger. i don't know. if the economy falls in the forest and no one is here to hear it is there a sound. yesterday the republicans blame the democrats and the democrats blame the republicans. john had a exclusive with chris wallace. >> brian: chris wallace sat down with jone boehner. >> steve: here is mr. boehner describing the impression at the moment of what tim geithner was trying to sell him. >> i was ghasted and i looked at him and said you can't be serious. i never seen like it we have 7 weeks before election day andepped of the year. three of those weeks are wasted with this nonsense. >> y are talking about roughly. timothy depite gite saying we'll raise taxes 1.6 trillion and washington will increase taxes on capitol gains and we would like to say we like the power to raise the debt ceiling any time we want for the executive branch which is unconstitutional. >> steve: it is not 39 or 35 percent. all nonstarters in the world of negotiation. >> gretchen: two things to discuss. why is it tim geithner doing the discussions inted of the president of the united states. let me know if
that really makes the entire economy go. alisyn: is the problem that the fha facing still about low-income borrowers, the very demographic that got them in trouble with mortgages to begin with? >> reporter: there is a whole lot of that. you see it up and down the spectrum. you see wealthy people who ended up in homes they shouldn't have pwougtd. it was mone bought. money was so easy to get. the housing market isn't recovering because you can't get money to pweufplt the interest rates so low, lots of product out there on the market place to buy. can you get a loan? maybe not. >> it's so hard to get a mortgage even with all of these great rates. when can that turn around? >> reporter: you think if the economy would pick up and employment recovered, as soon as people get jobs and they start getting a paycheck, they can make all their bills then they start thinking about buying that next house or maybe upgrading. a lot of people aren't upgrading right now because they are underwater in their mortgage, they owe more than theworth. they are sitting tight until something improves. it's a r
out the $800 billion? i for one, if you didn't care about the economy and you didn't care about the american people, you bet your life you can get $800 billion or trillion dollars out of raising -- eliminating deductions and tax credits. >> but conman, he kncongressman you muster all those deductions together they only amount to about $400 billion. >> i think we could do that. i think we can do it. first of all, you have to make certain that local and state tax deductions are not there. then you take away all the charitable deductions that we have. then you take away all of the mortgage deductions for the rich and the middle income, all that you have there. and then you start looking at the deductions that you have for children, for earned income tax credits, for the poor people that are there. if you really look at everything that so many americans have taken for granted and even if you don't reach the $800 billion, at least you will find out what is this man talking about. just don't say you can't do it, it's not arithmetic. give them a piece of chalk, go to the blackboard, an
they were in 1980 or 1950, the question is given the world today and the other economies do we have a competitive tax system and i think our slow going economy under president obama says we don't. >> the new york times though makes a mention of, just a sort of a passing mention in this massive article, by the way, about the need to cut spending like one or two sentences about the need-- >> and i think that milton freedman brought us, that spending is really the tax bill. it's just delayed. so, every toll the government spends eventually they're going to have to take it from someone, either in taxes or in inflation, so, this is why you're seeing a lack of business investment is because this massive spending and huge debt tells every business owner, every investor, big tax are are coming to eventually pay for this. >> what was the point of the piece? i know there's hand wringing out there, maybe the folks on the right say under obama our taxes have gone up and we may more in taxes than we've ever paid and attempt to say, we're not-- >> this is long-term by the president and his allies
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crisis. citigroup had survived with the help of two taxpayer bailouts. meanwhile the economy still missing the mark on adding jobs nationwide. employers added fewer new jobs last month and economists were opening and expecting. according to the payroll firm adp the private sector added 118,000 jobs in november. analysts had predicted a gain of 125,000. members of congress watched the attack play out in realtime at a classified briefing today on capitol hill. lawmakers say the national intelligence director showed them video of that attack that killed our u.s. ambassador to libya chris stevens and three other americans on september 11th of this year. catherine herridge live on capitol hill with more. catherine? >> well, thank you, harris. good evening. lawmakers say that this brief was constructive and that at times the videos were hard to watch. >> this was supposed to be sovereign u.s. territory and people can just come in and walk in on us like that without any kind of resistance, really makes your blood boil because you are thinking to yourself where is the security? >> to the d
this one. that is good for the american economy. >> republicans believe the reason the president is going light on spending cuts and demanding the budget deal include another increase in the nation's debt ceiling is clear. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600 billion in savings from our entitlement programs. including our healthcare entitlement program. jay carney went so far to compare republican pressure on debt creeling to hostage taking. >> this is a profoundly bad idea that i think could not be more frightening for american businesses. and american workers. >> of course, treasury secretary geithner it go may have also frightened people yesterday. by telling c
ago is 10 percent and the chance of the fiscal cliff and higher taxes killing the economy is probably 50 percent and, yes, you are right, we are still not fixing the problem or coming to a solution. one thing, remember, when we had the problem with the debt downgrade and the different talks a year ago? there were the scare tactics from washington about what would happen to interest rates, and what would happen to social security, and interest rates went down, people got their checks and everything was fine. >>neil: i am reminded of the words of the apollo 13 command other, can you not fake the magnitude of a disaster but washington can paper over a problem with cuts that are not real, and revenues that may not be what they appear to be, so, the fear is the same, it is presenting something that ultimately markets will not buy and people will not trust. >>guest: that is right. and, also, put in the notion it has to be done in the next three weeks or else, and look what has happened with the debt numbers. the nones are absolutely out-of-control. it will be over $20 trillion here in the n
they all get stung by a weak economy? probably all of that or maybe some of it. but this story is a warnng signal for politicians in the u.s. if you believe you can finance the entiement nation on e backs of the wealthy, well, think again. better of creaeating a fair tax system in which everybody has some skin in the game rather than trying to find where the money is. by the way, do you know how much money slick willie get away with in 40 years of rbing banks? just$2 million. that's what i think. now we want to know what you think. coming in e-mail. >> coming up on "the willis report," outrage in staten island as a mb was broken promises and government bureaucracy has stifled the recovery. as a source of lost everything they work for an disgusting than big time. we get to the bottom of t. and then nfl nightmare, murd-suicide tragedy exposing huge problems within one of the biggest industri in the country. football legend ricky watters is 50 of the cystic. also, lumps of coal for america's hottest company. we are o the case next on "the willis report." gerri: been mor
know, kick into place that can plunge the economy back into recession. and you have the house speaker saying this white house proposal, the one he received just a matter of days ago, isn't even serious. gloria borger, our chief political analyst, let me bring you in here. one of the questions is does it seem to you that the president feels as though he has some leverage here? he won the election, right? >> he did. >> maybe that accounts for what's in his proposal. >> yeah. this is clearly a different president obama than the one we saw during the debt ceiling negotiations or even after the midterm elections in 2010 when he felt a little weakened and there was the extension of those bush tax cuts for the wealthy. so i think when you're seeing here is a president who put this on the table, trying to please his base, okay? which got him elected after all. saying, this is my wish list, this is in a perfect world, this is what i would do. i don't think anyone at the white house expected the republicans to say, oh, thank you mr. president, yes, this looks lovely. let's go on and work on a d
economy was doing exceptionally well, then there will not be an agreement. >> while geithner was drawing a line in the sand, house speaker john boehner was busy trying to lift his jaw off the flar after geithner presented the president's debt reduction plans to him last week. >> i was just flabbergasted. i looked at him and said you can't be serious. i have just never seen anything like it. >> yes, indeed, it seems that republicans are not quite sure what to make of the president taking a harder line across the bargaining table. >> you know, the president's idea of a negotiation is roll over and do what i ask. >> i think we're going over the cliff. it's pretty clear to me they made a political calculation. the president's plan is just, quite frankly, a joke. >> i'm not sure about that, senator graham, but there will be plenty of time for jokes later this evening with every member of congress invited to the white house for what may be the most awkward holiday party of the year. i want to bring in nbc's luke russert now for the latest on capitol hill. luke, what can you tell us about the r
of the economy this morning. when we'll learn if hurricane sandy also devastated the nation's job market. >>> incredible
's going quickly enough, we still need to goose the economy some. and the republicans are flabbergasted that he's not already making concessions and all he's asking for is okay guys, you say we don't have to raise the top rate, show me how you're going to do it with all these deductions many of which by the way are popular. you want more medicare cuts show me what you want and i think this is a perfectly normal negotiation and i was thinking on the way here, chris, you and i have an advantage in this. you and i covered albany, new york on the state legislature there, where you had a divided legislature, unbelievably contorted by budget fights and in the end they usually made a deal. it was complicated, sometimes it was ugly but they got to a deal. >> but they often got to it very late as you'll recall and state workers didn't get paychecks. >> this did happen. but they got there. and i ambiting more on a deal than not. i think there are some compromise points, for example, raise the top rate almost to where obama wants it and fill it in a little bit with some reduction in deductions. th
climate deal that could have an impact on our economy. talks are going on about a climate treaty that could supersede current u.s. laws in some ways and impose mandatory limits on carbon emissions. president obama failed to get a cap-and-trade will pass in his first term. is he quietly planning a new carbon crackdown through other means? joining me now is lou dobbs, host of "lou dobbs tonight" on the fox business network. that was one agenda item he could not get through. cap and trade. even when the democrats controlled the house as well, they just couldn't get that through. what would he be doing through the united nations and he could do through the u.s. congress? lou: the efforts that he is undertaking here, so little is known about what we are discussing in qatar, at the meeting of the united nations we are talking about laying out a mission schedule through 2035. without any public discussion, there is nothing about it than a presidential debate, as you know. this could have a mammoth effect on this economy. we are talking about tax levels and also significant pressure on t
rates will hurt the economy. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue. >> in order for us to raise the amount of revenue that's needed just by closing deductions and loopholes for high earners we'd have to, for example, eliminate or severely cap the char itible deduction. >> an obsession to raise taxes not going to solve the problem. what will solve the problem is doing something about the entitlements, taking on the wasteful spending in washington. >> and meantime, "the new york times" jonathan wiseman reports behind the scene republican leaders are considering the president's plan to extend middle class tax cuts now an address the debt and spending in the new year. here's republican senator tom coburn on "morning joe." >> actually, i would rather see the rates go up than the other way and greater chance to broaden the base in the future. >> do something, a down payment on cuts, on investments and revenue this year. and then in the next year take the time to go over what we would do with real revenue reform. you can't do in it a m
to the clinton levels, a time when the american economy is doing exceptionally well, then there will not be an agreement. >> but house speaker john bigger is digging in himself, admitting talks are going nowhere. speaker boehner also described the moment when secretary geithner first showed him the president's opening offer. >> i was just flabbergasted. i looked at him and said, "you can't be serious." i've just never seen anything like it. you know, we've got seven weeks between election day and the end of the year. and three of those weeks have been wasted with this nonsense. right now i would say we're nowhere, period. we're nowhere. we've put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. they've actually asked for more revenue than they've been asking for the whole entire time. >> what are the chances we're going to go over the cliff? >> there's clearly a chance. >> lindsey graham said the same thing yesterday, michael steele. he said he thinks we are going
and that is a game leapfrog. we end up with more debt and a weaker economy. the road map is greece, italy, spain, all over europe but the president thinks you can tax-and-spend your way to prosperity. >>neil: what the administration throws back on the issue is take a look at italy and greece, austerity has worked. you say what? >>guest: they have a strange definition. alwaysst either to them means higher taxes in europe and the united states austerity means less spending. i am in favor of the right definition of austerity. the balkan countries got out of the mess and now they are doing well economically because they cut, not just cut spending in the washington sense of increasing it at a slower rate they spent less one year after the other and now they are out of the trouble. if you understand the right definition of austerity is the way to go, the problem is in most of europe it means higher taxes, obama wants to give us the bad part of europe, without the good part. >>neil: thank you very much. they are not cutting anything. just slowing the growth. rebound and former president bill clinton hitting
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